Maryland Maryland Corporation Income Tax Return

Maryland Corporation Income Tax Return
Tax Year 2023 Corporation Income Tax Return
MARYLAND
FORM

500

2023

CORPORATION INCOME
TAX RETURN

OR FISCAL YEAR BEGINNING	

$

2023, ENDING	

Federal Employer Identification Number (9 digits)

Date of Organization or Incorporation (MMDDYY)

Business Activity Code No. (6 digits)

Name

Current Mailing Address (PO Box, Number, Street and Apt. No.)

Do not write in this space.

Current Mailing Address Line 2 (Apt No., Suite No., Floor No.)

City or Town	

ME	

State	

Foreign Country Name	

Amended
Return

YE

ZIP Code + 4

Foreign Province/State/County	

Foreign Postal Code	

STAPLE CHECK
HERE

Print Using Blue or Black Ink Only

FEIN Applied for Date (MMDDYY)

CHECK HERE IF:
Name or address has changed	
Inactive corporation			
First filing of the corporation	
Final Return
This tax year's beginning and ending dates are different from last year's due to an acquisition or consolidation.

IF FILING TO CLAIM A NET OPERATING LOSS, CHECK THE APPROPRIATE BOX	
Attach copies of the federal form for the loss year and Form 1139.

Carryback	

Carryforward

SEE CORPORATION INSTRUCTIONS. ATTACH A COPY OF THE FEDERAL INCOME TAX RETURN THROUGH SCHEDULE M2.
1a.	 Federal Taxable Income (Enter amount from Federal Form 1120 line 28 or Form 1120-C
line 25c.) See Instructions. Check applicable box:
1120	1120-REIT	 990T
00
Other:	
	 IF 1120S, FILE ON FORM 510 . . . . . . . . . . . . . . .  1a.
1b.	 Special Deductions (Federal Form 1120 line 29b or
00
Form 1120-C line 26b.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b.
1c.	 Federal Taxable Income before net operating loss deduction
00
(Subtract line 1b from 1a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
1c.
MARYLAND ADJUSTMENTS TO FEDERAL TAXABLE INCOME
(All entries must be positive amounts.)
ADDITION ADUSTMENTS
00
2a.	 Section 10-306.1 related party transactions. . . . . . . . . . . . . . . . . . . . . . . .
2a.
2b.	 Decoupling Modification Addition adjustment
00
(Enter code letter(s) from instructions.). . . . . . . . . .  					
2b.
00
2c.	 Total Maryland Addition Adjustments to Federal Taxable Income (Add lines 2a and 2b). . . . . . .  2c.

SUBTRACTION ADJUSTMENTS
3a.	 Section 10-306.1 related party transactions. . . . . . . . . . . . . . . . . . . . . . . .
3b.	 Dividends for domestic corporation claiming foreign tax credits
(Federal form 1120/1120C Schedule C line 18). . . . . . . . . . . . . . . . . . . . . .

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3a.

00

3b.

00

MARYLAND
FORM

500

NAME	

CORPORATION INCOME
TAX RETURN

2023
page 2

FEIN

3c.	 Dividends from related foreign corporations
(Federal form 1120/1120C Schedule C line 14, 16b and 16c). . . . . . . . . . . .
3c.
3d.	 Decoupling Modification Subtraction adjustment
(Enter code letter(s) from instructions.). . . . . . . . . .
3d.
3e.	 Total Maryland Subtraction Adjustments to Federal Taxable Income
(Add lines 3a through 3d.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3e.
4.
Maryland Adjusted Federal Taxable Income before NOL deduction is applied
(Add lines 1c and 2c, and subtract line 3e.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  4.
5.
Enter Adjusted Federal NOL Carry-forward available from previous tax years (including
FDSC Carry-forward) on a separate company basis (Enter NOL as a positive amount.). . . . . 
5.
6.
Maryland Adjusted Federal Taxable Income (If line 4 is less than or equal to zero,
enter amount from line 4.) (If line 4 is greater than zero, subtract line 5 from line 4 and
enter result. If result is less than zero, enter zero.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  6.
MARYLAND ADDITION MODIFICATIONS
(All entries must be positive amounts.)
7a.	 State and local income tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7a.
7b.	 Dividends and interest from another state, local or federal tax
exempt obligation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7b.
7c.	 Net operating loss modification recapture (Do not enter NOL carryover.
See instructions.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7c.
7d.	 Domestic Production Activities Deduction. . . . . . . . . . . . . . . . . . . . . . . . . .
7d.
7e.	 Deduction for Dividends paid by captive REIT. . . . . . . . . . . . . . . . . . . . . . .
  7e.
7f.	 Other additions (Enter code letter(s) from
instructions and attach schedules). . . . . . . . . . . . . .
7f.
7g.	 Total Addition Modifications (Add lines 7a through 7f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7g.
MARYLAND SUBTRACTION MODIFICATIONS
(All entries must be positive amounts.)
8a.	 Income from US Obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  8a.
8b.	 Other subtractions (Enter code letter(s) from
instructions and attach schedule) . . . . . . . . . . . . . . 			 8b.
If you are claiming subtraction H, enter your state cannabis business license number:
8c.	 Total Subtraction Modifications (Add lines 8a and 8b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8c.

00
00
00
00
00

00

00
00
00
00
00
00
00

00
00
00

NET MARYLAND MODIFICATIONS
9.
Total Maryland Modifications (Subtract line 8c from 7g. If less than zero,
00
enter negative amount.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  9.
00
10. Maryland Modified Income (Add lines 6 and 9.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  10.
APPORTIONMENT OF INCOME
(To be completed by multistate corporations whose apportionment factor is less than 1, otherwise skip to line 13.)
11. Maryland apportionment factor (from page 4 of this form)
(If factor is zero, enter .000000.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
  11.
.
00
12. Maryland apportionment income (Multiply line 10 by line 11.) . . . . . . . . . . . . . . . . . . . . . . . . 12.
00
13. Maryland taxable income (from line 10 or line 12, whichever is applicable.). . . . . . . . . . . . . . . 13.
00
14. Tax (Multiply line 13 by 8.25%.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.
15a.	Estimated tax paid with Form 500D, Form MW506NRS and/or credited
00
from 2022 overpayment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 15a.
00
15b.	Tax paid with an extension request (Form 500E) . . . . . . . . . . . . . . . . . . . .  15b.

15c.	Nonrefundable business income tax credits from Part AAA. (See instructions for Form 500CR.)	 You must file this form electronically to
claim business tax credits from Form 500CR.
15d.	Refundable business income tax credits from Part DDD. (See instructions for Form 500CR.)	
15e.	The Heritage Structure Rehabilitation Tax Credit is claimed on line 1 of Part DDD on Form 500CR.
Check here
     if you are a non-profit corporation.

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CORPORATION INCOME
TAX RETURN

MARYLAND
FORM

500

NAME	

2023
page 3

FEIN

15f.	 Nonresident tax paid on behalf of the corporation by pass-through entities
(Attach Maryland Schedule 510/511 K-1.). . . . . . . . . . . . . . . . . . . . . . . . .
15f.
15g.	If amending, total payments made with original plus additional tax paid
after original was filed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15g.
15h.	Total payments and credits (add lines 15a through 15g) . . . . . . . . . . . . . . . . . . . . . . . . . . .  15h.
16. Balance of tax due (If line 14 exceeds line 15h enter the difference.) . . . . . . . . . . . . . . . . . 
16.
17. Overpayment (If line 15h exceeds line 14, enter the difference.) . . . . . . . . . . . . . . . . . . . . 	 17.
17a. If amending prior overpayment (Total all refunds previously issued.) . . . . . . . . . . . . . . . . . . 17a.
18.	 Interest and/or penalty from Form 500UP 	
or late payment interest
for original return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   18.
19. Total balance due (Add lines 14, 17a and 18. Subtract line 15h.). . . . . . . . . . . . . . . . . . . . .
19.
20. Amount of overpayment from original return to be applied to estimated tax for 2024
(not to exceed the net of lines 17 minus 17a and 18.). . . . . . . . . . . . . . . . . . . . . . . . . . . . 
20.
21. Amount of overpayment TO BE REFUNDED
(Add lines 18 and 20, and subtract the total from line 17.)
(If amending subtract lines 17a and 18 from line 17.). . . . . . . . . . . . . . . . . . . . . . . . . . . 
21.

00
00
00
00
00
00
00
00
00

00

DIRECT DEPOSIT OF REFUND (See Instructions.) Verify that all account information is correct and clearly legible.
If you are requesting direct deposit of your refund, complete the following.
Check here if you authorize the State of Maryland to issue your refund by direct deposit.
Check here if this refund will go to an account outside of the United States.
22a.	Type of account:

	

Checking	

Savings

22b.	Routing Number (9-digits):
22c.	 Account number:
22d.	Name as it appears on the bank account:
INFORMATIONAL PURPOSES ONLY (LINES 23 & 24)
23.
24.

NOL generated in Current Year - Carryforward 20 years and carry back 2 years (farming loss ONLY).
(If line 6 is less than zero, enter on line 23.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  23.
NAM generated in Current Year - Carried Forward/Back with Loss on Line 23 per
Section 10-205(e) (If line 6 is less than zero AND line 9 is greater than zero, enter the
amount from line 9 on line 24.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  24.

00

00

FOR USE IF AMENDING THE RETURN
Explanation of Changes to Income, Modifications, Apportionment Factor and Credits. Show the computation in detail and attach
schedules as necessary. Check the box or boxes that reflect the reason for filing this amended return and explain in the space
provided below the checkboxes. If more space is needed, you may attach additional pages.
1.
2.
3.
4.
5.
6.
7.

Amended
Amended
Amended
Amended
Amended
Amended
Amended

to claim a Net Operating Loss Deduction
to report a federal adjustment or an RAR (Revenue Agent Report)
to claim Business Tax Credit.
to claim nonresident PTE Tax Credit
to report income omitted on previous filing
to change apportionment factor
for another reason

		
Explanation of Changes:____________________________________________________________________
		 __________________________________________________________________________________________
		 __________________________________________________________________________________________
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MARYLAND
FORM

500

NAME	

2023

CORPORATION INCOME
TAX RETURN

page 4

FEIN

Schedule A - COMPUTATION OF APPORTIONMENT FACTOR (Applies only to multistate corporations. See instructions.)
NOTE: Rental/leasing companies, financial institutions,
transportation companies, and worldwide headquartered
companies see instructions on Special Apportionment.

1. Receipts

a.	Gross receipts or sales less returns and
allowances . . . . . . . . . . . . . . . . . . . . . .

Column 1
TOTALS WITHIN
MARYLAND

Column 2
TOTALS WITHIN
AND WITHOUT
MARYLAND

Column 3
DECIMAL FACTOR
(Column 1 ÷ Column 2
rounded to six places)

00

00

b.	Dividends . . . . . . . . . . . . . . . . . . . . . . .

00

00

c.	Interest . . . . . . . . . . . . . . . . . . . . . . . . .

00

00

d.	Gross rents. . . . . . . . . . . . . . . . . . . . . . .

00

00

e.	Gross royalties . . . . . . . . . . . . . . . . . . . .

00

00

f. Capital gain net income. . . . . . . . . . . . . .

00

00

g.	Other income (Attach schedule.). . . . . . . .
h.	Total receipts (Add lines 1(a) through 1(g),
for Columns 1 and 2.) . . . . . . . . . . . . . .

00

00

00

00

a.	Inventory. . . . . . . . . . . . . . . . . . . . . . . .

00

00

b.	Machinery and equipment . . . . . . . . . . . .

00

00

c.	Buildings . . . . . . . . . . . . . . . . . . . . . . . .

00

00

d.	Land . . . . . . . . . . . . . . . . . . . . . . . . . . .

00

00

e.	Other tangible assets (Attach schedule.). .

00

00

00

00

00

00

a.	Compensation of officers. . . . . . . . . . . . .

00

00

b.	Other salaries and wages. . . . . . . . . . . . .
c.	Total payroll (Add lines 3a and 3b, for
Columns 1 and 2.). . . . . . . . . . . . . . . . .

00

00

00

00

.

Report this factor on line 4 unless you use a special
apportionment formula or alternative apportionment formula.

2. Property

f. Rent expense capitalized
(multiply by eight). . . . . . . . . . . . . . . . . .
g.	Total property (Add lines 2a through 2f,
for Columns 1 and 2). . . . . . . . . . . . . . .
3. Payroll

4. Maryland apportionment factor Enter amount from Line 1 Column 3. If an alternative apportionment
formula or a special apportionment formula is used, enter the alternative or special apportionment factor
here. (If factor is zero, enter .000000 on line 11, page 2.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Check here if special apportionment or alternative apportionment formula is used.

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.

.

.

MARYLAND
FORM

500

NAME	

CORPORATION INCOME
TAX RETURN

2023
page 5

FEIN

SCHEDULE B - ADDITIONAL INFORMATION REQUIRED (Attach a separate schedule if more space is necessary.)
1.
Telephone number of corporation tax department:
2.
Address of principal place of business in Maryland (if other than indicated on page 1):
3.
4.

5.
6.
7.
8.

Brief description of operations in Maryland:
Has the Internal Revenue Service made adjustments (for a tax year in which a Maryland return
was required) that were not previously reported to the Maryland Revenue Administration Division?. . . . .
Yes	
If "yes", indicate tax year(s) here:	
and submit an amended return(s) together with a copy of the IRS
adjustment report(s) under separate cover.
Did the corporation file employer withholding tax returns/forms with the Maryland Revenue
Administration Division for the last calendar year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  	Yes
Is this entity part of the federal consolidated filing?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	Yes
If a multistate operation, provide the following:
Is this entity a multistate corporation that is a member of a unitary group?. . . . . . . . . . . . . . . . . . .  	Yes
Is this entity a multistate manufacturer with more than 25 employees?. . . . . . . . . . . . . . . . . . . . . .  	Yes

No

No
No
No
No

SCHEDULE C - ADDITIONAL INFORMATION REQUIRED (Attach a separate schedule if more space is necessary.)
1.

Subtraction for donations of certain disposable diapers, certain hygiene products, and certain monetary gifts.
List the name(s) of the qualified charitable entity on the lines below.

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MARYLAND
FORM

500

2023

CORPORATION INCOME
TAX RETURN

page 6

SIGNATURE AND VERIFICATION
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements and to
the best of my knowledge and belief it is true, correct and complete. If prepared by a person other than taxpayer, the declaration
is based on all information of which the preparer has any knowledge.
Check here	

if you authorize your preparer to discuss this return with us.

Officer's signature	

Date	

Officer's Name and Title	

Preparer's signature (Required by Law)

Printed name of the Preparer / or Firm's name

Street address of preparer or Firm's address

Date	

Telephone number of preparer		

City, State, ZIP Code + 4

Preparer’s PTIN (Required by Law)

CODE NUMBERS (3 digits per line)

INCLUDE ALL REQUIRED PAGES OF FORM 500
Make check or money order payable to Comptroller
of Maryland. On your check or money order, in blue or
black ink only, you must include the Federal Employer
Identification Number, tax year, and tax type. Failure
to include this information will delay the processing
of your payment. Mail to:
Comptroller Of Maryland
Revenue Administration Division
110 Carroll Street
Annapolis, Maryland 21411-0001

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